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Bombay Company secures financing

BY HBSDEALER Staff

Bombay Company has obtained debtor-in-possession (DIP) financing for $115 million, following an earlier bankruptcy filing with the U.S. bankruptcy court in Fort Worth, Texas.

The troubled specialty home decor retailer will receive DIP financing from GE Corporate Lending and GE Canada Finance.

“We are proceeding with the restructuring plans as outlined in our filings E and we continue to operate our business as usual during this process,” said David Stewart, Bombay CEO.

In its earlier filing with the U.S. District Court, Bombay said it had $239.4 million in assets and $173.4 million in debts as of May 5.

Bombay designs, sources and markets home decor products through 384 retail outlets and an e-commerce site.

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Kmart launches Martha Stewart bed, bath decor line

BY HBSDEALER Staff

New York As part of a previously announced rebranding effort for Sears Holdings’ Kmart stores, the retailer introduced a new line of Martha Stewart bed and bath home decor items at a Manhattan store this week

The home goods area of the Astor Place Kmart store was roped off and labeled the “Bluelight District,” playing host to journalists and Sears Holdings representatives.

The day-long event highlighted a new line of higher quality Martha Stewart bed items, furnishings, decor, window treatments and other items.

A“Mr. Blue Light” mascot was on hand, further illustrating Kmart’s retro brand campaign to focus on its classic “Blue Light Special” in-store promotions. Additionally, the company introduced new house label “Abbey Hill” home decor items as part of the event.

Kmart is a wholly owned subsidiary of Sears Holdings, which operates 3,800 full-line and specialty retail stores in the United States and Canada.

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Tim-Br Marts names new vp-merchandise

BY HBSDEALER Staff

Canadian buying group Tim-Br Marts has named Randy Martin vp–merchandise.

Martin formerly served as director of hardlines and imports for Tim-Br Marts. In his new position, he will lead buying teams in the company’s Calgary, Mississauga and Halifax offices, and he will be overseeing all facets of vendor programs in purchasing.

Martin has worked in the retail lumber, building materials and hardware industry for 30 years, having served in positions at Home Depot and Totem Building Supplies.

Tim-Br Marts represents more than 600 member locations in Canada.

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